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Jewellery
Valuations are very important as can be seen in the following
instance:
If you've been robbed, and the
Police
are holding a person who is helping them with their enquiries,
how can you prove those pieces are yours when the other person
says that the pieces are theirs. There is no evidence that the
person robbed you. How do you prove that they are yours ?
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The
answer is to prepare a list your valuables, and a good tip is
to photograph or take a photocopy of them. Then write down details
that will help identify yours from similar items. Measure and
record sizes of gemstones. Record numbers, record hallmarks, and
give detail of the condition of the pieces. In this scenario if
you turn up with EVIDENCE to the police station you will have
a strong likelihood of recovering you jewellery .
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Essentially
that evidence is what we provide in a valuation. The Valuation
is a detailed examination of your jewellery, sufficient that
if the item were recovered after loss it could be returned to
you. The current valuation is the final specialist input. How
much is the thing worth? That is where our experience, contacts
and extensive records come into play. The Valuation provides
a basis for an insurer to pay out in the event of loss, and
for you to insure the goods for a sufficient value that will
compensate you for the loss, when your goods are replaced. In
the event of loss, you only know you have good insurance when
it comes to the settlement of your claim. So make sure you fully
realise what your insurer is insuring and what they think will
happen once the loss has occurred .
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Once the emotions of being robbed have passed and you can reflect
on the actual item - rather than the sentiment associated with
them - you should not be worse off, nor better off. You will
understand even if the replacement item looks exactly the same,
you know deep down that it is not the same, and the memory lingers
on. That's why the replacement should compensate you, rather
than impel you to try to replace a fashion item that may be
twenty years out of fashion and unavailable as new. If you expect
cash you are likely to be disappointed.
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The insurer hardly ever queries the valuation you send in at time
of submission - it is only when the loss occurs that they want
evidence, to doubly check the current value. To minimise their
loss by sending you to someone who will sell them the goods cheaper
that the insured value. Remember that you are the customer, if
you have acted legitimately, and have suffered a loss that your
policy requires the item to be replaced, then you should be able
to go to the jeweller you have faith in, and have a relationship
with, rather than where your insurer's or loss adjuster, or claims
advisor sends you. Of course if your contract specifies where
you are to shop, then you should check those places out before
you agree to the contract, it might encourage you to move insurer
rather than move jeweller! Further if the insurer is getting your
replacements at 20% off, then is your premium based on their replacement
cost or the valuation figure?
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Ask the insurance seller what happens - in detail - in the event
of a claim when buying the policy and make a note of the comments
on the proposal form, and take a copy of it. The main point is
to communicate your wishes, and we will then take that into account
in ascribing the value to the carefully appraised item. Then communicate
your wishes to the insurer. If they don't give what you want try
another insurer.
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Jewellery Repairs
